Cork Airport is not for sale. That was the message from Aer Rianta chairman, Mr Noel O'Hanlon, yesterday when he announced a £60 million (#76 million) investment plan for the facility.

Recent reports have suggested that a business consortium in Cork was preparing to approach the Government in an effort to acquire the airport. But, at a news conference in the city, Mr O'Hanlon described such talk as "pure speculation" and said that Aer Rianta had long-term plans for Cork, which had become a very successful airport.

He said the airport authority's plans would see facilities there expanded to cater ultimately for up to five million passengers each year. This would be twice the number now being handled and would see Cork well into the future in terms of facilities.

The £60 million would be spent on extensions to the airport building as well as the runway, new air bridges, new cargo facilities, a multi-storey car park and better all-round passenger facilities.

Aer Rianta chief executive, Mr John Burke said the company had no plans to sell Cork Airport and its strategy was to improve the third airport in the Republic and to acquire more airports.

He added that there might be a partial flotation of Irish airports, but that did not mean that airports such as Cork were for sale.

News of the new investment comes at a time when Cork Airport is experiencing record levels of growth in passenger and cargo business. Scott Wilson Kirkpatrick & Company was appointed by Aer Rianta in January to prepare a new plan for the airport's development. The company had previously undertaken a study of the airport in 1996.